On December 24 2024, by order of the Ontario Court, TruStar Underwriting Inc was placed in receivership, following an investigation over allegations of misappropriation of funds. Accounting firm Grant Thornton Limited was appointed as formal receiver to exercise oversight of TruStar. We have been able to confirm that up until December 18, 2024, TruStar wrote insurance risks on behalf underwriters at Lloyd’s, among other insurers.
Following receivership, Lloyd’s is working to ascertain the validity of insurance policies written by TruStar. We are reviewing our records and information provided by brokers to verify what coverage is effectively in place. We are working with impacted syndicates to process and respond to queries from brokers as quickly as possible.
We have liaised with relevant syndicates and Lloyd’s brokers to facilitate additional engagement with our trading partners and to provide information or assistance.
We understand the need for brokers and their clients to determine the validity of their covers, and have a dedicated team to respond to requests as quickly and accurately as possible. However, given the unique complexities and large scale of the issue, it will take time to fully verify some of the impacted policies.
Crawford Canada are appointed by relevant Lloyd’s Underwriters to assist with verification queries. Please contact:
- Dedicated email inquiry inbox: TruStarinquiries@crawco.ca
- Dedicated North America Toll Free #: 1-888-429-1237
For any other queries relating to this matter, please contact Lloyd’s at TSCanadaReview@lloyds.com.
We will continue to provide relevant updates on this page.